股票代码：600312 股票简称：平高电气 公告编号：2025—040 河南平高电气股份有限公司 关于变更会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 拟聘任的会计师事务所名称:天职国际会计师事务所(特殊普通合伙)（以下 简称"天职国际"） ● 原聘任的会计师事务所名称:信永中和会计师事务所（特殊普通合伙）(以下 简称"信永中和") ● 变更会计师事务所的简要原因:鉴于河南平高电气股份有限公司（以下简称 "公司"）与信永中和的审计服务合同已到期，按照《中央企业财务决算审计管理工 作规则》《国有企业、上市公司选聘会计师事务所管理办法》规定，中央企业应当按 照"统一组织、统一标准、统一管理"的原则，采取公开招标、邀请招标等方式， 选聘具有资质条件的会计师事务所，对企业年度决算报告开展审计。根据招标结果， 结合公司经营需要及对审计服务的实际需求，公司拟聘任天职国际为公司 2025 年度 财务及内部控制审计机构。公司已就拟变更会计师事务所事项与信永中和进行了事 前沟通，信永中和已明确知悉本事项 ...

股票简称：平高电气 股票代码：600312 编号：2025—042 河南平高电气股份有限公司 2026 年度日常关联交易预计公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ●本次日常关联交易事项尚需提交公司股东大会审议。 ●公司与关联方发生的日常关联交易是公司正常生产经营所需要，公司与关联方 的交易是在平等、互利基础上进行的，定价原则合理、公允，不会形成公司对关联 人的依赖，不会影响公司的独立性，公司按照相关法律法规规定履行审批程序，不 存在损害本公司和股东利益的情形。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1.独立董事专门会议审议情况 （二）2025 年日常关联交易的执行情况 1.截止 2025 年 10 月 31 日，公司关联采购商品或接受劳务发生 130,078 万元， 关联销售商品或提供劳务发生 52,629 万元，关联出租发生 631 万元，共计 183,338 万元，详见下表： 单位：万元 关联交易 类别 关联方 2025 年度 预计金额 2025 年实际发 生金额（截止 2025.10 ...

证券代码：600312 证券简称：平高电气 公告编号：2025-043 河南平高电气股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 11 日 14 点 30 分 召开地点：河南平高电气股份有限公司本部 股东大会召开日期：2025年12月11日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 11 日 至2025 年 12 月 11 日 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公 ...

股票简称：平高电气 股票代码：600312 编号：2025—039 一、会议以 3 票赞成，0 票反对，0 票弃权审议通过了《关于取消监事会并修订 <公司章程>的议案》 根据《公司法》《上市公司章程指引》《关于新<公司法>配套制度规则实施相关 过渡期安排》等相关法律法规及规范性文件的规定，进一步完善公司法人治理结构， 公司拟不再设置监事会和监事，由董事会审计委员会行使《公司法》规定的监事会 的职权，公司《监事会议事规则》相应废止，并对《公司章程》进行修订。同意提 交公司股东大会审议。 二、会议以 3 票赞成，0 票反对，0 票弃权审议通过了《关于预计公司 2026 年 度日常关联交易的议案》 公司 2026 年度日常关联交易预算情况的表决程序符合《公司法》等相关法律法 规及《公司章程》规定，表决结果合法、有效。公司日常关联交易的定价公允，不 存在损害公司及全体股东合法权益的情形。 河南平高电气股份有限公司 第九届监事会第十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 河南平高电气股份有限公司（以下简称"公司 ...

股票简称：平高电气 股票代码：600312 编号：2025—038 河南平高电气股份有限公司 第九届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 河南平高电气股份有限公司(以下简称"公司")第九届董事会第十一次会议于 2025 年 11 月 17 日以电子邮件、手机短信发出会议通知，并于 2025 年 11 月 24 日在 公司本部以现场结合视频方式召开，会议应到董事 9 人，实到 9 人。本次会议的召 集、召开符合《公司法》和《公司章程》的规定。会议经过有效表决，形成以下决 议： 东大会审议通过取消监事会事项前，公司第九届监事会仍将继续严格遵守《公司法》 《中华人民共和国证券法》等法律法规和规范性文件的要求继续履职。 本议案已经公司董事会审计委员会审议通过并同意提交董事会审议，尚需提交 股东大会审议批准。 董事会提请股东大会授权公司管理层及其授权人士办理上述涉及的工商变更登 记及《公司章程》备案等相关事宜，上述变更最终以市场监督管理部门核准登记的 内容为准。 本议案尚需提交股东大会审议批准。具体 ...

Core Viewpoint - Pinggao Electric's stock price has experienced a decline of 12.09% this year, with a recent increase of 2.03% on November 24, 2023, indicating potential market volatility and investor interest [1][2]. Company Overview - Pinggao Electric, established on July 12, 1999, and listed on February 21, 2001, is located in Pingdingshan, Henan Province. The company specializes in the research, design, manufacturing, sales, installation, testing, maintenance, and service of power transmission and distribution equipment and its core components [2]. - The company's core business includes the development and manufacturing of medium, high, ultra-high, and extra-high voltage AC and DC switchgear, with revenue composition as follows: high voltage segment 57.30%, distribution network segment 28.03%, operation and maintenance services 11.13%, international segment 2.93%, and other businesses 0.61% [2]. Financial Performance - As of September 30, 2023, Pinggao Electric reported a total revenue of 8.436 billion yuan for the first nine months of 2023, reflecting a year-on-year growth of 6.98%. The net profit attributable to shareholders was 982 million yuan, marking a 14.62% increase compared to the previous year [3]. - The company has distributed a total of 3.788 billion yuan in dividends since its A-share listing, with 1.01 billion yuan distributed over the past three years [4]. Shareholder Information - As of September 30, 2023, the number of shareholders increased to 64,100, with an average of 21,182 circulating shares per person, a decrease of 0.63% from the previous period [3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 57.8484 million shares, which is a decrease of 25.1349 million shares from the previous period [4].

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

Core Insights - The report highlights a significant recovery in the new energy sector, particularly in solar, wind, lithium batteries, and grid investments, indicating a positive trend for the industry [4][7][21]. New Energy Sector Performance - Solar and storage: Cumulative new photovoltaic installations reached 240.27 GW from January to September 2025, a year-on-year increase of 49.3%. Additionally, 1,671 new energy storage projects were registered in September 2025, reflecting a 24.15% increase year-on-year, with planned investments amounting to 96.177 billion yuan [4][7]. - Wind power: Cumulative investment in wind power construction reached 148.893 billion yuan, a 10.04% year-on-year increase. The total installed capacity of wind power reached 582 million kilowatts, up 21.30% year-on-year. The average bidding price for onshore wind turbines increased by 22.08% to 1,675 yuan/kW by the end of October [4][7]. - Lithium batteries: The demand for lithium batteries surged, with shipments reaching 490 GWh in Q3 2025, a 47% increase year-on-year. The price of lithium hexafluorophosphate rose to 121,500 yuan/ton, a 94.4% increase within the year [4][7]. - Grid investments: National grid construction investments totaled 437.807 billion yuan from January to September 2025, a 9.94% year-on-year increase. The total investment planned by the State Grid and Southern Grid for 2025 is expected to exceed 825 billion yuan, an increase of 220 billion yuan compared to 2024 [4][7]. Investment Recommendations - The report suggests focusing on undervalued stocks with improving fundamentals within the Shenwan Electric Equipment sector, which includes 363 constituent stocks. The selection criteria involve calculating rolling P/E ratios and filtering for companies with positive net profit growth over three consecutive quarters [21][27]. - Recommended stocks include: - DeYe股份 - 阳光电源 - 捷佳伟创 - 横店东磁 - 广大特材 - 大金重工 - 平高电气 - 国电南瑞 - 东方电子 - 科达利 [4][21][27].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 8.44 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 7.0%. The net profit attributable to shareholders reached 980 million yuan, up 14.6% year-on-year, while the net profit excluding non-recurring items was also 980 million yuan, reflecting a 15.1% increase year-on-year [2][4] - In Q3 2025, the company's revenue was 2.74 billion yuan, showing a decline of 3.6% year-on-year and a decrease of 14.0% quarter-on-quarter. The net profit attributable to shareholders was 320 million yuan, down 1.8% year-on-year but up 3.6% quarter-on-quarter [2][4] Summary by Sections Revenue Performance - The revenue for Q3 2025 decreased primarily due to the absence of high-voltage delivery projects that were present in the same period last year. Additionally, delays in orders for distribution network equipment due to the State Grid's joint procurement have further suppressed revenue growth [11] Profitability - The gross margin for the first three quarters of 2025 was 25.09%, an increase of 0.96 percentage points year-on-year. In Q3 2025, the gross margin was 25.84%, up 0.37 percentage points year-on-year and 4.28 percentage points quarter-on-quarter. This improvement is attributed to ongoing internal cost reduction and efficiency enhancement efforts [11] Expense Management - The total expense ratio for the first three quarters of 2025 was 10.39%, a slight decrease of 0.02 percentage points year-on-year. The breakdown includes a sales expense ratio of 3.42%, a management expense ratio of 2.99%, a research and development expense ratio of 4.46%, and a financial expense ratio of -0.47% [11] Inventory and Cash Flow - As of the end of Q3 2025, the company's inventory was 2.508 billion yuan, an increase of 9.0% year-on-year and 12.0% quarter-on-quarter. The contract liabilities reached 1.868 billion yuan, up 46.3% year-on-year [11] - The net cash flow from operating activities for the first three quarters of 2025 was 130 million yuan, a significant decrease of 85.5% year-on-year. However, in Q3 2025, the operating cash flow was 560 million yuan, reflecting a year-on-year increase of 116.3% and a quarter-on-quarter increase of 374.4% [11] Future Outlook - The company is expected to benefit from the upcoming high-voltage bidding cycle, with anticipated project progress leading to equipment deliveries. The estimated net profit attributable to shareholders for 2025 is projected to reach approximately 1.2 billion yuan, corresponding to a PE ratio of about 19.5 times [11]

Core Viewpoint - Pinggao Electric's stock has shown significant growth in recent trading periods, indicating positive market sentiment and potential investment opportunities in the company [1][2]. Company Overview - Pinggao Electric, established on July 12, 1999, and listed on February 21, 2001, is located in Pingdingshan, Henan Province. The company specializes in the research, design, manufacturing, sales, installation, testing, maintenance, and service of power transmission and distribution equipment and its core components [2]. - The company's main business segments include medium, high, ultra-high, and extra-high voltage AC and DC switchgear, with revenue contributions from high voltage (57.30%), distribution network (28.03%), operation and maintenance (11.13%), international (2.93%), and other businesses (0.61%) [2]. Financial Performance - For the period from January to September 2025, Pinggao Electric reported a revenue of 8.436 billion yuan, reflecting a year-on-year growth of 6.98%. The net profit attributable to shareholders was 982 million yuan, marking a 14.62% increase compared to the previous year [3]. - As of September 30, 2025, the company had a total of 64,100 shareholders, with an average of 21,182 circulating shares per shareholder, showing a slight decrease of 0.63% [3]. Shareholder and Dividend Information - Since its A-share listing, Pinggao Electric has distributed a total of 3.788 billion yuan in dividends, with 1.010 billion yuan distributed over the past three years [4]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 57.8484 million shares, a decrease of 25.1349 million shares from the previous period [4].